Rallies are getting squashed and no lead appears to be safe for the stock market in recent trade.
In fact, the Nasdaq Composite COMP, -1.32%’s intraday reversal on Thursday — when it was up 2.1% at its peak but ended down 1.3% — represented its largest reversal for a loss since April 7, 2020, according to Dow Jones Market Data. The Dow Jones Industrial Average DJIA, -0.42% and the S&P 500 index SPX, -0.82%, which also were trading higher, finished in negative territory as well.
**The disintegration of a big intraday uptrend comes after the Nasdaq Composite entered a correction — defined as a decline of at least 10% (but no more than 20%) from a recent peak — for the first time since March 8, 2021, and reflects the fragility of the market as it braces for a regime of higher interest rates and overall less-accommodative policy from the Federal Reserve**.
It isn’t just the tech garbage, everything is getting whacked.